Novak pointed to record oil prices due to the conflict in the Middle East

Russian oil and petroleum products are in high demand on the world market and are sold without any discounts, but freight costs have increased due to the situation in the Middle East. This was announced on March 26 by Russian Deputy Prime Minister Alexander Novak.

"Today, when there is a shortage in the market, our oil and petroleum products are in demand, and as we can see, discounts have decreased, and now there is even a premium in certain areas," he said on the sidelines of the RSPP congress at the Rossiya National Center.

The politician noted that fuel transportation costs have increased due to the "blockage" of a large number of tankers in the Strait of Hormuz.

"The number of tankers in the world carrying oil and petroleum products is smaller, the competition is high, so the rates have increased somewhat. As for the premium of buyers, direct consumers, today we have moved from a discount either to a zero discount, or even partially with a premium," Novak said.

Every man for himself: Turkish tanker with oil from Russia attacked in the Black Sea

This is not the first attack on fuel vessels near the Turkish coast.

At a meeting at the White House on the same day, US President Donald Trump said that his predictions about the consequences of a military operation against Iran had not been justified. The Head of State added that oil prices would rise more and that the stock market would fall much more.

At the Russian Union of Industrialists and Entrepreneurs congress on March 26, Russian Leader Vladimir Putin advised Russian businessmen to refrain from the temptation to "eat through" them and maintain prudence due to the extra income from rising oil prices. Also, it is not necessary to use the finances from new income for state budget expenditures, inflating them too much, Putin added.

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